Wednesday, April 6, 2011

I'm baaaaaaack

Just like a case of herpes, I have returned. My vacation was refreshing and invigorating. But now I'm back and it's time to address the "big issues of the day".

As if!

Nah, I'm going to dedicate my first post-vacation post to saying, "I told you so!"

Did I not tell you? DID I NOT TELL YOU?!?!?!?

When Il Duce named Jeffrey Immelt as his "jobs czar" back in January, I said that Immelt was a repugnant slug who represented the very worst in crony capitalism. I said that the company he chairs, General Electric, is "the #1 looter corporation".

Seems there are those who agree with me.
The New York Times reported last month that General Electric earned $14.2 billion in international profits, including, $5.1 billion in the United States. Yet GE did not pay a dime in federal income taxes last year. Oddly, President Obama chose GE Chairman and chief executive Jeffrey Immelt to head his President's Council on Jobs and Competitiveness.

According to the Associated Press, Immelt's compensation package doubled to $15.2 million last year, while this year, GE is seeking major concessions from the unions that represent its shrinking American workforce. That makes Immelt the wrong guy for the job of jobs czar.

Or as former Democratic Sen. Russ Feingold wrote, "Someone like Immelt, who has helped his company evade taxes on its huge profits -- and is now looking to workers to take major pay cuts after his compensation was doubled -- should not lead the administration's effort to create jobs."
I almost wish I could just paste the whole essay, written masterfully by Debra Saunders, into this post. But in the interest of giving credit where credit is due, you should go to RealClearPolitics and read the whole thing yourself. You'll be glad you did.

One last quote from the opinion piece.
When Obama appointed Immelt to his jobs and competitiveness council, the president said that Immelt "understands what it takes for America to compete in the global economy."

Unfortunately, Immelt seems to have learned that the best way to increase GE's profits was to eliminate a fifth of its American workforce, ship jobs overseas and hire a small army of tax attorneys.

A generous person might argue that GE's experience makes Immelt the smart choice to reform the tax code.

But Immelt can't be in charge of GE and reform a tax system it helped pervert. Obama must know that. Obama must not care.